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/EIN News/--Pune, India, November 18, 2021 (GLOBE NEWSWIRE)--By 2027, the global crane market is expected to reach 45.8 billion U.S. dollars, with a compound annual growth rate of 4.1% from 2020 to 2027 . "Fortune Business Insights" in a report entitled "Crane market size, share and COVID-19 impact analysis, by product type (mobile, fixed, ship)" pointed out that industry and technological advancements will make positive contributions to market growth contribute. 2020-2027 user industry (construction, mining, industry, oil and gas, etc.) and regional forecasts. "The market size in 2019 was 33.84 billion U.S. dollars.
The coronavirus incident brought the world to an unexpected standstill. We understand that this health disaster has had a negative impact on all sectors of the world. Increasing support from the government and several companies can help fight this highly contagious virus. Some industries are struggling, and some industries are booming. It is estimated that almost every sector is more or less affected by this pandemic.
At this critical moment, we are making unremitting efforts to improve the company. Our expertise and experience can provide tremendous benefits to help recover from this global pandemic.
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The report lists the major companies in this market:
Report scope and breakdown
Click here to learn about the short-term and long-term impact of COVID-19 on the market.
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The crane market report includes:
Substantial investments in the construction and infrastructure sectors to promote growth
The government's huge investment in residential and commercial building construction will create opportunities for the market during the forecast period. It is expected that rapid urbanization will increase market potential. Increasing attention to the development of green and environmentally friendly infrastructure will drive the market. In addition, in the foreseeable future, the growing demand for cranes in the natural gas, mining, and automotive industries will help the market expand. In addition, the development of smart factories can further promote market growth in the near future.
The sudden suspension of construction activities amid coronavirus affects business
The blockade has caused huge losses to the manufacturing and construction industries. During the coronavirus period, the decline in crane production had a negative impact on the market. Delayed operations in the oil and gas, construction, mining and automotive industries will therefore exacerbate this market. In addition, the sharp drop in revenue in many industries will directly affect the business. Therefore, it hinders the growth of the market. In addition, labor shortages in the construction industry will inhibit market growth.
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The booming construction industry stimulates revenue in the Asia-Pacific region
Due to the increasing number of infrastructure projects in developing countries, the Asia-Pacific market is expected to lead the global market during the forecast period. For example, in 2018, China's National Development and Reform Commission (NDRC) approved 27 infrastructure projects worth approximately US$219.43 billion. Due to the development of the mining industry in the United States, the North American market is expected to maintain significant growth. For example, Manitowoc introduced the Grove GMK4090 all-terrain crane. It has a 51 m long six-section giant boom and uses Grove's Twin-Lock pin system. Due to the rapid development of the region, the European market is expected to occupy a considerable share.
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September 2019: The Swiss multinational equipment manufacturer Liebherr Group headquartered in Buhler announced the launch of the "LTM 1230 5.1 mobile crane" with a 75-meter telescopic boom for erecting 70-meter electric towers.
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